The Brazilian hitman appears set to return to his homeland, and the transfer could be completed after a meeting between the two clubs on Wednesday
The two clubs have been locked in talks in recent weeks regarding the 27-year-old, who has made no secret of his desire to return to Brazil after more than seven years in the Russian capital.
CSKA had previously rejected all of Flamengo's attempts, but the two clubs have now reached an agreement after the Brazilian club met the striker's €10 million valuation.
"Tomorrow [Wednesday] morning we will go to CSKA's headquarters and we will finally conclude the transfer," Levy told Globoesporte.
It is reported that the transfer fee for the 21-times-capped striker will be paid in several instalments over the next three years.
Vagner Love, who arrived at CSKA from Palmeiras in 2004, has helped the club to win two Russian Premier League titles and one UEFA Cup crown, among other trophies.